Cyber security is becoming increasingly important. Any operation that involves dealing in personal data needs to be aware of the best ways to safeguard personal information. Clients will not only appreciate this, some will probably insist on knowing what procedures you have in place to protect information before they will give you new business.
Staying up to date
Recent research has indicated that only 40 per cent of financial advisers really understand the complexities and importance of effective cyber security. When it comes to mitigating and managing cyber security and the risks of being attacked by a hacker, only around 30 per cent of advisers are ready to take the necessary action. To continue being successful means being in those groups who understand all the issues that are part of cyber security.
Essential elements
Make sure the data belonging to you and your company is secured. A breach will severely undermine confidence. When clients want to know how their data will be stored, make sure you know, and that it is encrypted. Be aware of who will have access to this data, which ideally should be as few people as possible apart from you and the client. Clients may also be anxious about what happens when they stop being clients. The company should have a transparent procedure in place to deal with data if your professional relationship ends. Having effective back office systems for financial advisers will assist here.
Digital robbery
Cyber security is vital as cyber crime increases. This report from The Guardian has more information about the way that digital security can be breached.
If you are aware that you need to find out more about back office systems for financial advisers, it would be sensible to consult experts such as https://www.intelliflo.com/ who can give you some advice.
Financial advisers should be proactive in offering cyber security measures such as secure transmissions of data or even develop a safe, dedicated portal to which only your firm’s clients have access. A protocol for sensitive communications is also a good thing to have in place. These days just having a password is not considered to be sophisticated cyber security, as they can often be easily cracked. Don’t wait until valuable data has been stolen before systems are put in place to protect it.
